News
Economy Watch: U.S. GDP Saw Small Growth in 4Q; ‘Zombie’ Houses Dot Land; Unemployment Claims Up
The nation’s GDP grew slightly for the fourth quarter of 2012. There are 301,800 “zombie”properties nationwide left over from the housing crash, most of them in Florida. And unemployment claims saw an uptick week to week.
$100M Residential Trump Project Launched in Uruguay
The Trump brand of luxury residences has officially broken into the South American real estate market with the sales launch of the brand’s very first property on the continent.
Hsieh’s Downtown Project Adds Vintage Western Hotel to Portfolio for $14M
Spearheaded by Zappos CEO Tony Hsieh, Las Vegas’ Downtown Project organization has taken an important step forward in its ongoing initiative to reclaim some of the appeal of the city’s central area. The online retailing mogul has voiced his love for Sin City’s downtown area on more than one occasion, and has offered his support and funds to a number of causes meant to restore the glow of the area surrounding Fremont Street. His belief in old Vegas architecture and the charm of the era leading up to the megaresorts of the Strip has produced yet another important real estate deal.
Summer Kickoff Eyed for Geneva Steel Site Redevelopment
One of Utah’s most exciting ongoing projects is the one that is about to take shape at the site of the former Geneva Steel site in Vineyard, Utah County. Developer Anderson Geneva has had a number of different ideas for the 100-acre site, the first of which was to build a new sports arena for the state’s foremost soccer team, Real Salt Lake. However, after the collapse of that initiative a new plan followed, one that would call for a massive mixed-use community to rise where one of the largest steel mills in the country once stood.
Picerne Constructing 248-Unit Apartment Project for Hungry Denver Market
The Picerne Group is working hard to answer the increasingly loud cry for apartments in Denver with the construction of a luxury apartment property in the thriving Denver Tech Center area.
Chetrit Buys Historic Miami Beach Hotel for $117M
MBR Waterview has purchased the 18-story, 424-room Miami Beach Resort and Spa for $117 million. The seller was Blackstone Group, on whose behalf Jones Lang LaSalle Hotels & Hospitality Group arranged the sale.
Prologis Lands SpeedFC for 770 KSF Build-to-Suit Distribution Facility in Etna
Prologis, Inc. has signed a new build-to-suit agreement with SpeedFC, Inc., a Dallas-based subsidiary of Navarre, for a 770,000-square-foot distribution center in Etna, Ohio. The San Francisco-based global owner, operator and developer of industrial real estate made the announcement on Monday, March 25.
Economy Watch: Pending Home Sales, Freddie Mac Delinquencies Down; U.S. Net Investment Position $4.4T Negative
The Pending Home Sales Index dropped in February. According to the Bureau of Economic Analysis, as of the fourth quarter of 2012, foreigners held about $4.4 trillion more in U.S. assets than U.S. interests owned overseas. And Freddie Mac delinquencies declined in February as well.
ARCP Ups Offer to Purchase Merged CCPT III
American Realty Capital Properties is continuing its pursuit of Cole Credit Property Trust III, offering now to acquire both the non-traded REIT and its planned merger partner Cole Holdings Corp. for nearly $10 billion.
And the MIPIM 2013 Awards Go To…
With MIPIM 2013 just barely over, participants are still abuzz with everything that had happened this year on the French Riviera. One of the most talked about occurrences of the four-day real estate event is most certainly the MIPIM Awards.